24Transfer of contractual rights and obligations

#### 24 Transfer of contractual rights and obligations (1) This section applies to a contract (other than a contract of employment), where rights and obligations under the contract were transferred to the Commonwealth under section 13. (2) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the Commonwealth’s rights and obligations under a specified contract: (a) cease to be rights and obligations of the Commonwealth immediately after the grant; and (b) become rights and obligations of the company immediately after the grant. (3) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified contract continues to have effect after the grant as if a reference in the contract to the Commonwealth or to the FAC were a reference to the company. (4) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, a specified instrument relating to a specified contract continues to have effect, after the FAC’s rights and obligations under the contract become rights and obligations of the company, as if a reference in the instrument to the Commonwealth or to the FAC were a reference to the company. (5) The Finance Minister may, by written instrument, declare that, in the event that a specified company is granted an airport lease for a specified airport under section 21 or 22 on a specified day, the company becomes the Commonwealth’s successor in law, in relation to the Commonwealth’s rights and obligations under a specified contract, immediately after the Commonwealth’s rights and obligations under the contract become rights and obligations of the company. (6) A declaration under this section has effect accordingly. (7) This section does not, by implication, limit section 23. > Note: A contract or instrument may be specified by name, by inclusion in a specified class or in any other way.